Premier Oil to retain Mauritanian interests

LONDON, Oct 15 (Reuters) - UK oil explorer Premier Oil Plc (PMO.L) said on Monday talks with a preferred bidder for its intrests in Mauritania had ended and it now planned to retain the West African oil fields.

"We have decided to terminate the disposal process as we consider the offers received do not fully reflect the value of Premier's Mauritanian interests," Chief Executive Simon Lockett said.

The group said Petronas Australia Pty Limited, a unit of Malaysian state energy firm Petronas [PETR.UL], which Premier Oil partners in Indonesia, would operate the blocks after buying Woodside Energy Ltd's Mauritanian subsidiaries. Premier Oil said in March it planned to exit Mauritania, where the oil reserves had proved more difficult to exploit than expected.

Richard Rose, oil analyst at Oriel Securities, said at the time the assets were worth around $120 million.